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CBS
Dec 30, 2012 8:30am PST
might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael duffy, and also "time" columnist joe klein. and we'll hear from major garrett and nancy cordes. >> you going to get a deal today, sir? >> hope so. >> o'donnell: it's all ahead because this is "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. substituting for bob schieffer, cohost of "cbs this morning," norah o'donnell. >> o'donnell: good morning, again. tom coburn and dick durbin are here, and we'll turn to both of you in just a moment. but we want to start with some new information from chief white house correspondent major garrett and congressional correspondent
CSPAN
Dec 31, 2012 7:00am EST
to reduce the deficit. one trillion dollars in spending cuts over the next 10 years but these changes would result in more savings in the next 10 years and would solve our deficit problems for a decade. they say their biggest priority is dealing with the deficit. they are behaving and protecting the tax breaks for the wealthiest americans. that seems to be their overriding theme. host: a new development yesterday, the vice president joe biden was called in by mitch mcconnell, who said he needed a dance partner in all of this. guest: if you remember on friday, the president said he was going to turn over the lead to senator reid and senator mcconnell to work out a deal that could pass the senate and that he would sign on to whatever deal that was. senator reid and senator mcconnell were not able to reach that deal. the negotiations between them have turned increasingly bitter and senator mcconnell basically said that he could not work with senator read anymore and reached out to joe biden and ask him to resume the role that he has had in previous negotiations. the arbiter, the deal maker. jo
MSNBC
Dec 30, 2012 5:00am PST
enacted by congress to frighten itself into passing deficit reduction measures which means unless congress acts in the next 48 hours the bush tax cuts will expire along with federal unemployment insurance and a broad package of the spending cuts including defense spending will take effect. do weeks of fruitless negotiations and john boehner and senate leader are working on a deal this morning to avoid the fiscal cliff, or as chris hayes and i call it, the fiscal curve. the deadline is soft. it's not like every american is going to be handed a bill on january 1st and there's way to manage the damage if the country goes over. the senate is set to convene this afternoon with the house to follow tonight. there's a chance that a compromise will be reached, less than 48 hours before tax rates revert to their clinton dasher are levels and board across the board spending cuts talk effect. when the president took to the podium friday afternoon to urge the law enforcements to get their act together with he didn't exactly project confidence. >> this is deja vu all over again. america wonders why it i
ABC
Dec 30, 2012 9:00am EST
at the outlines and projected you'd actually add to the deficit as a result of a mini deal over the next period. >> yeah, jonathan, some people have tried to talk about the reductions in spending that ane house in order. that would be the republican side. the president and a lot of folks in his party have shied away from those discussions and i think chuck is accurate in saying that's not going to happen in this conversation but it should. you are right. i can quote from the "juan post" editorial in which they chastised the president for not following through on his campaign promises to talk about a balanced solution, one that would involve both tax revenue and savings. ironically, the revenue that's produced in the president's proposals is about the same amount of money we're going to be spending just to provide disaster relief because of the hurricane to some of the folks on the east coast. >> now, wait. i don't think that's fair to the president. the president had put serious spending cuts on the table. he and speaker boehner a week and a half ago were this close in a $4 trillion deal, they
FOX
Dec 31, 2012 2:00am PST
graham, what will we do with the money, what will i say. >> it is added to make up the deficit that everyone has been discussing -- >> it goes for -- >> not new spending. you know, you gets down to another thing, which was a very bad idea, and that is sequester. and whether sequester goes into effect or not. >> chris: well, that -- >> that is the 800 pound gorilla. >> chris: let me ask you about that. i enjoyed your brief state as the host of fox news sunday. >> i think it is a good jeegs i do, too. senator graham, all washington has been talking about is the tax side of the cliff. let's talk about intending side of the cliff, there is still as part of the cliff, $110 billion sequestered. automatic cuts, defense cuts, domestic cuts. what will happen to that? will you address that? >> we'll -- i called leon panetta, last night during dinner. >> chris: secretary of defense. >> and he said, i have been told there will be nothing in the bill to avoid sequestration going into effect and this is the failure of the super committee to find $1.2 trillion in cuts for the debt ceiling inc
CNN
Dec 30, 2012 6:00am PST
half a trillion dollars a year, $5 trillion over ten years worth of deficit. that's because while we grew the -- under bush the taxes revenue went up 25%, and spending went up 100% in the last 12 years. if you put back the revenue from the higher taxes, you still have a deficit. that's what we're trying to change. >> we kind of are where we are, and no one is talking about spending cuts. they're talking about keeps taxes low, which everybody agrees. let me ask a specific question first to the democrats here. if they came out with with a deal that said, all right, we will keep tax rates for those making $400,000 or less, would you vote for na? >> candy, i'm willing to come to the middle. i think we've got to all be willing to come to the middle. >> that's a yes? >> i want to say something else very important, and that is for two years now we have only been focusing on spending cuts. in the last two years we've put in place $1.6 trillion in spending cuts. we have put in place spending reductions under medicare of over 700 billion by cutting overpayments to insurance companies and so on
MSNBC
Dec 26, 2012 2:00am PST
and celebration and recent tragic events gave this year's holiday a deficit feeling. >> reporter: in newtown, connecticut, it was a day of lingering heartache. empty stockings hung as reminders of loss filled with gifts and police helps for time with their families. >> glad we can do it. >> a pleasure to help them out. >> police officers giving police officers time off, you couldn't ask for a better christmas gift. >> reporter: in the new york area, still without homes because of hurricane sandy, volunteers tried to deliver holiday spirit, handing out food, toys and blankets at relief centers. >> people came out to help people. you can't put a price on that or buy that either. >> reporter: in places spared direct tragedy americans marked it with their own ways keeping those less fortunate in their thoughts. >> when people are suffering and going through hardship, many, many people come to offer their help in whatever they can do. >> reporter: across the nation, americans attended church services and spent time with family and friends. at the mitchell home outside chicago, even young members
FOX News
Dec 26, 2012 7:00pm PST
nothing on entitlement reform, it doesn't come close to reducing the deficit, much less the $16 trillion debt, soon-to-be $18 trillion debt. so i'm not going to vote for a pan sea. i'm not going to go around washington and hope the editorial boards are happy and pat each other on the back. your viewers ought to demand a solution. and what we are going to do in the next week is a deal. and they deserve better than a deal. >> you know what is disconcerting, the millions of americans that can't afford to go on vacation that are worried about their tack pass and finances and how to feed their family and how to write those checks for the bills that they know are coming. and yet then you have members of congress and such going on vacation, even the president himself. we would all like to go to hawaii but honestly it was very upsetting. so many people i talked to over the holidays they are saying what are they doing? they should be sitting there doing the tough work we pay them to do, representing us in their various districts and states. >> the optics are terrible, but here's the reality, kimb
CNBC
Dec 28, 2012 9:00am EST
, we still have this bigger challenge out there of how are we going to fix the deficit and debt problem in this country? we know we have to make hard choices. we know the parties have to work together, and they've got to get to work on this as quickly as possible. >> maya, with the greatest of respect, it seems to me your logic is all over the place. it's very clear the nub of the discussion, the squealing that we have at the moment is whether or not to extend tax cuts. that is, in effect, saying we are going to balloon the deficit further. this is not a conversation about actually fixing the debt, is it? that's not what we're talking about at the moment. we're squealing over, let's keep the deficit big. you seem to be arguing that that's exactly what we should be doing. >> let me explain, because it is more complicated than often things are discussed in washington. the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, i
CNN
Dec 30, 2012 9:00am PST
to do that because they want to get to deficit reduction by spending cuts and that's what the sequester is. that's one of the sticking points. i'm told one of the many sticking points right now, we're going to possibly see republicans and democrats mean meet in their respective corners to try to get a briefing from the leaders about what's going on at 3:00 eastern, but i'm also warned if talks continue, that might be pushed back as well. that's the next timeline we're looking for, 3:00 eastern. >> i think thee matically what we're hearing from republicans where are the spending cuts and we heard the president this morning also reiterate he thinks some of those tax hikes could help mitigate that $110 billion or so being taken out across-the-board cuts. we will see you later ons this afternoon, dana, as you follow every minute of this. thanks a lot. >> thank you. >> president obama says slashing the deficit is a priority but so is more spend oggen certain things. we'll talk with two republican lawmakers about the president's second-term agenda next. to the best vacation spot on earth. (al
CNBC
Dec 26, 2012 6:00am EST
to worry about and doesn't matter if they sell a lot at the low price. this year, it's deficit and have a lot of inventory. they have gone from managing sales to inventory, that's where the profits go out the window. they want to sell out than sell off. >> more people bought gift cards this year than bought product? >> you tell me, what was on your list this year new and exciting. >> nothing. i wanted socks and shirts. >> you have two things happening, more gift card because nobody knows what to get you- >> and i returned them. >> and they bought you a bad gift so they frankly didn't know what to get you so they foot go something and you will drive more product. >> for $100 go on a gift card how much doesn't get spent? >> 80% don't spend the money and those that do spend spend 116%. stores do like it when they get you in. 16% never get redeemed, money sitting in a drawer. >> marshall, thank you. >> the big old -- what is that a windsor? >> a windsor. double windsor. >> why? >> you try to change the look. don't always want to go narrow. is that a brioni tie? >> what is this a foreign han
CSPAN
Dec 30, 2012 7:00am EST
across the country. we talk about reducing deficits and having a responsible budget for 20 years. this is actually, it will you go over the cliff and nothing changes, the largest single day of the deficit reduction in world history. it is $600 billion in deficit reduction trust by the turn in the calendar. over the long term, you look at what that does, we are in much better shape over the long term by going off the cliff. the problem is that right now, we are still very slowly recovering from the worst financial crisis it had since the great depression. it probably is not the time to be having such large deficit reduction. that is why we and others have been focused on getting some kind of a larger deal that can ensure we do not have this extensive short-term deficit reduction. if we start to deal with these problems now, we can do so adequately and without too much short-term economic pain and helping the economy. from let's go to patricia oak creek, wisconsin on the democratic line. caller: good morning, and happy new year to the both of you. i feel so sad for our poor country
FOX News
Dec 31, 2012 12:00pm PST
regret republicans and democrats have not been able to hammer out a plan to fix the deficit, a grand bargain. the president said that with the current congress that would have been nearly impossible. he was guardedly optimistic there would be good news before the ball drops tonight in times square. wendell is live for us at the white house. the president still is pushing for increased tax revenue and it appears that the g.o.p. leadership agrees to some extent. >>reporter: the leadership in the senate agrees. this was worked out between minority leader mcconnell and vice president biden who took over the talks after the negotiations between the president and house of representatives speaker boehner reached an impasse. it will be a tough sell for house republicans because there are no real spending cuts. the president promised spending cuts in the future and aimed to put political pressure on republicans. the deal represents a balanced approached, although there are no cuts. >> my approach is balanced and responsible so revenues have to be part of the equation in turning off the seques
CNBC
Dec 28, 2012 7:00pm EST
for the country is economic growth and reducing unemployment versus 19% for reducing the federal budget deficit. tax reform and to end the washington gridlock is also on the wish list, michelle. >> mine, too. >> thanks, hampton. >>> once again, the big story tonight, no fiscal cliff deal and not even a new offer from the white house. three days to go. president obama asked the senate leaders to try to make a deal. we'll get more on all of it from washington next. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. >>> welcome back to "the kudlow report." i'm michelle caruso-cabrera in for larry ku
CNN
Dec 26, 2012 11:00pm PST
to our deficit in this country is rising health care costs. do we need to tangle those? how do they interact with the changes that are going to be set up across the country. is it going to cost the taxpayer more or less? all those have to be in the realm of realistic facts and figures. >> you're in arizona today. many of your constituents worked over the holidays. do you think congress should have stayed in washington to work for an agreement? >> absolutely. absolutely. once you know, once the boehner plan "b" collapsed, all we got was a notification, you can go home. we'll call you when we're ready. boehner's got to get off -- the majority of the majority must agree to something. it's going to take democratic votes to pass a tough fiscal compromise and unless there is inclusion and discussion on both sides of the aisle about this issue, that compromise gets tougher and tougher. >> thank you for coming "outfront." >> appreciate it. thank you. >> now, on the other side of the aisle. republican congressman of wisconsin. congressman, you just heard your arizona colleague say you a
MSNBC
Dec 30, 2012 5:00pm PST
, to pay for more government spending that doesn't help us with the deficit. and you hear members of congress, your republican colleagues who say, in my district, they don't want more spending. and that's how they see this money being spent. >> two things i would say. first of all, that is not the democratic position. no one that i know of is arguing that all of the increased revenue should go for increased spending nap simply isn't the case. by the way not having the sequester doesn't mean increased spending. it mean not having spending cuts. i voted against the idea of a sequester. i think it's not right way to do it. what the republicans want to do is spend more on defense. let me deal with this notion that republicans for cutting spending. you heard mitt romney criticize president obama because he's not spending enough on ships, which we don't need, and not staying long enough in the war zones. the republicans' view of spending is very particular one. secondly, as far as the american people are concerned, people in their districts, gee, if they represent districts in new jerse
FOX News
Dec 28, 2012 8:00am PST
, we, republican are not trying to solve the fiscal cliff. we're trying to solve the debt and deficit. can you explain that? >> sure can. yeah, the white house has been very focused on what do we have to do to just get past the fiscal cliff. let's get over this bump and keep spend and keep going. in the house we're actually trying to solve the debt and deficit. let me illustrate this. we have a trillion dollars in deficit spending last four years. president says let's go back to the clinton levels of taxation. if we went back to the clinton levels of taxation we're still double the highest bush era of deficit spending still because spending was accelerated so much in 2009 and 2010. we're trying to bring the spending levels back down. on the contrary if we just brought the spending levels down to the clinton level spending instead of tax level going up to clinton level of tax it is would solve this. we're trying to solve the debt and deficit. we're trying to say how do we get out of debt. the president is saying let's get past the fiscal cliff and let's keep moving on. that doesn't sol
MSNBC
Dec 26, 2012 2:00pm PST
congress is on pluto and we're all on earth. they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play hardball. but i think they'll have a different argument later in the year. >> i guess both believe it's better to go over the falls than cut a deal that's going to hurt them at home. tea party people don't respond to boehner or to cantor or mccarthy or any of them. somebody in the next tea party is going to be yelling from the back, you sold us out. i think that's why the tea party is never going to be functional. they don't really respond to getting things done. they respond to anger back home. >> i think 2014 democrats are also aware of these tax increases. they don't want to
MSNBC
Dec 30, 2012 2:00pm PST
. it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the darkest hour right before the dawn, melissa. everybody ought to hope that's true, at least if you don't want to see your taxes go up on midnight on monday and tuesday night because everything seems to be at a standstill right now. let's review the bidding. here it is from a republican source here on the republican side of capitol hill. all day yesterday they were trading proposals back and forth. by his count two democratic offers came back to republicans and four came back from republicans to democrats. the last one being at 7:00 last night, and, boom, after that, things pretty much came to a standsti standstill. no o
CSPAN
Dec 29, 2012 12:00pm EST
a $6 billion surplus when it comes to exporting services, and a huge deficit when it comes to manufacturing. so the -- the finance done correctly which is figuring out how to mamp capital with good -- match capital with good ideas is important and having complex innovations in that is important for america's system. the problem is short termism, short term thinking, where finance comes come in and bankrupt companies for short term gain rather than thinking what's the viable, long term model of a long term rate of return? i think that has to do with corporate governance laws for incentives and structures that don't require -- that incentivize managers to make long term decisions rather than maximizing just the quarterly shareholders' profits. >> did you see the incentives that could be changed to emphasize smallness rather than bigness? >> absolutely, and i thinking the -- a lot of the department of commerce is programmed to help small and medium sized businesses. there is the best -- i took 50% of the jobs in manufacturing are small and medium sized companies, and small com
FOX News
Dec 26, 2012 6:00am PST
serious about cutting the defsht and deficit? >> this is, look, this is the greatest irony of this entire discussion. and it is getting lost too much i think in the sometimes in the weeds of the back and forth negotiations. remember, the reason that we're doing this is because this grew out of the 2010 elections and debates over raising debt ceiling that following summer, 2011. the entire purpose was to reduce the size and scope of government in a way responsible to the voters of that midterm election. instead what we're almost certain to see is an expansion of government in the name of reintroducing it. we're likely to see much bigger government long term. we're not likely to deal with entitlement reforms as we need to do. as you suggest the president is pushing some short-term spending increases often in washington turn into long-term spending increases. gregg: but, steve, bill kristol, conservative, you know what, time to throw in the towel. you do not want to get blamed for raising taxes on 98% of americans. >> right. gregg: right? >> look, bill kristol is my boss and editor at "the w
CSPAN
Dec 26, 2012 7:00am EST
their deficit and we cannot, the world will switch to euros. there is a tweet here -- guest: the cbo is supposed to be a political, but it cannot be too alarmist. if we go over the cliff, we are looking on january 1, some of this is already milton. about $600 million -- $650 billion in spending cuts and tax increases. that is about 4% of gdp. that is an enormous negative stimulus. a detraction from demand. that would surely be a deep recession. the cbo relies on simulation models that did not take into consideration investor sentiment, the reaction of consumers, and so forth that they wholly lose confidence in their government. if we go over the cliff and stay there, people will start to conclude that washington cannot manage its affairs. all bets are off on economic modeling. it is impossible to say what happened that other than it would be very negative. host: one piece that you actually did right has this headline -- take the idea of a recession next year. with the perspective of everything else going on, when a recession look like? guest: it depends on how we get there. if we have a fiscal c
MSNBC
Dec 28, 2012 3:00am PST
's the longer term federal deficit and then the shorter term impact on the economy. we'll have that first, right? the markets will go down and economic confidence will continue to slide. money will be taken out of the economy. so there's an economic impact right now. why should they deal with this crisis when the bigger crisis they couldn't come together tlen. sorry starbucks. they didn't come together before either. what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what they do best. mike, before we let you go, ed mackey malden running for the united states senate in massachusetts. >> he's never run statewide. do you agree with this? i think scott brown is smiling
FOX News
Dec 27, 2012 10:00am PST
, if we want to make a dent in the deficit. i mean this is the choice that is going to be in front of us. if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country if the two parties come together. heather: we'll see what happens. thank you both very much for joining us until monday night. thank you. >> merry christmas. happy new year. [heavy breathing]. gregg: boy, remember that, video from april of 2011. monster tornado tearing through tuscaloosa, alabama, devastating the community and alberta baptist church. ever since then the church's pastor has been fighting insurers and
CNBC
Dec 28, 2012 6:00am EST
% of the population. >> and that he they gave numbers to the cbo that said we were going to cut the deficit. and, in fact, it was a new entitlement that now is going to cost $12 trillion. we're not that far apart on that issue. i've always thought it would cost a lot of money. >> we're going to have your wife call into the show a little later. >> there is a place of frustration there in any twosome, there's a place for someone who doesn't have to be. >> that's true. you're carson. >> can you do that? >> well -- >> you can't do ed mcmahon? >> i'll work on that. who was conan scott? he had a guy, andy richter. >> no, don't do that. you would have to put on a bunch of weight. >> andy was from my hometown in massachusetts. >> was he? >> yeah. >> let's check on the markets. down 47. we came back, closed down just 18 points yesterday. that's the first time in history where someone said that the house coming back in the markets went you up. usually the government comes into session and the markets go down. we're indicated down about 47 points today. oil has been amazingly strong considering that if we
CNBC
Dec 26, 2012 7:00pm EST
to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this is an early warning sign. secondly, republicans in the house sent word to democrats in the senate, white house, it is your turn now. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people wh
CNBC
Dec 28, 2012 4:00pm EST
during graham/rudman and i remember when they couldn't get deficit conversations right, treasuries went down and stocks went down. oh, would i love to get back to that type of reality. >> yeah. but you had a different guy at the federal reserve at the time. >> yeah, a different guy, you know, in hindsight he was maybe the monetizer in charge -- in chief, and we get a little historical perspective on that, but as many things that i disagree with alan greenspan on, i thought he was at least more forthright into what he was doing, and even going after the government per se a bit when there were tax issues, all av d avoided by the current chairman ben bernanke, and even though he avoids the conversation, he doesn't avoid giving congress the biggest fire hose in the world filled with free water. >> i love those kind of fire hoses on every corner, please. >> what's that, david? >> bernanke is the most aggressive fed governor we will ever know in the last 40 or 50 years with the monetary stimulation that began in november 2008. >> well her, needed to be? >> and that's likely to still be the o
CNN
Dec 27, 2012 8:00pm PST
. that was for a group called the can kicks back. it was to raise awareness about deficit and debt. >> what was awesome about that >> everything. >> roland is right. there was nothing awesome about that. as a matter of fact, roland is right, john. there's nothing right. nothing. >> john's problem is inside, he's a very old man, too. i mean, it proves old people should really -- really old people should never use social media. >> an old man who is in debt and deficits. >> he's going to do the hammer dance? >> alan sem son impson is one o great public servants who will say or do whatever it takes to get people's attention on issues that really matter. skip and this group that sponsored it is the can kicks back. it's not 200 million views. >> i wish we could see al franken dancing in a unitard to fight violence against women. >> make the cut. >> senator franken. >> >> who picked the list? >> we all did it "outfront." >>> up next, a rust belt bright spot in 2013. we're going to take you there, next. [ male announcer ] rocky had no idea why dawn was gone for so long... ...but he'd wait for her forever, for
CNN
Dec 28, 2012 4:00pm PST
the groundwork for future cooperation on more economic growth and deficit reduction. >> and just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face to face-closed-door meeting at the white housed to between all the key players. the president, the vice president, the treasury secretary, and all four congressional leaders. huddled together with just four days to go before we all go over the fiscal cliff. that meeting lasted for an hour and five minutes. now on a story where every second and every maneuver counts let's get right to chief white house correspondent increase ka yellin. the president says he's modestly optimistic but he also presented a backup plan. does the president really think it will come to that? >> at this point, no. they don't. because the white house is hopeful, first of all, that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that possibility. but as for the backup plan, there's no real likelihood that would ever come to
PBS
Dec 26, 2012 5:30pm PST
affected. again, they've already given $103 billion toward deficit reduction and almost every scenario that we've considered a likelihood federal employees get hit again. >> ifill: let me ask you each briefly. are you optimistic or pessimistic from what you read about the prospect of a deal? >> i'm very optimistic. i think they will do something to avert sequestration, yes. >> ifill: hugh johnson? >> very clearly i think that the message of the markets is we're going to avoid a significant tax increase and significant spending cuts or the economy is not going to go into a recession i2013nd that's really the key in this whole thing. or, i would add, 2014. so i'm cautiously optimistic. i'm holding on to my -- i'm crossing my fingers and holding on for dear life. >> ifill: crossing your fingers and toes? stacy palmer? >> i hope we'll some kind to an agreement soon but whatever happen there ises is s going to be deficit cutting and we'll have to face decisions so that could be rough. >> ifill: stacy palmer, jacque simon and hugh johnson of johnson illington advisories, i wanted to get the
CNBC
Dec 27, 2012 9:00am EST
kind of deficit the losers are facial as we go into the new year. "squawk on the street" is back in a minute. [ male announcer ] feeling like a shadow of your former self? c'mon, michael! get in the game! [ male announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called low testosterone or low t. millions of men, forty-five or older, may have low t. so talk to your doctor about low t. hey, michael! [ male announcer ] and step out of the shadows. hi! how are you? [ male announcer ] learn more at isitlowt.com. [ laug hey! [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ]
CNN
Dec 27, 2012 11:00am PST
of 2011. republicans demand the government reduce its deficit as a condition for raising the nations's debt ceiling. without a deal, the u.s. would lose its ability to borrow money. they deploy the tactics that nearly shut down the government and ultimaty cost america its aaa credit rating for the first time in history. in a last minute compromise, both sides agree to a trillion dollars in spending cuts up front and another $1.2 trillion in cuts to be decided by a special congressional super committee. a poison pill was attached. if the super committee can't reach a deal, automatic across the board cuts known as the sequester would go into effect starting january 2013. at the exact moment when the bush tax cuts extended for two years would expire. so the point is we could have seen this coming. we yelled at the top of our lungs that we were drowned out by the election. common sense often gets drowned out by seemingly endless and continuous elections in america. this time there may be a series price to pay for it. i will stay on top of this, but for now i'm out. same time tomorrow. li
FOX Business
Dec 26, 2012 1:00pm EST
it because it's required for congress to authorize borrowing money to pay our debt and deficit obligations. it's, the way i look at it, it is a mere constitutional technicality and we should raise it. i would like to make one point about on the downgrade issue that he just talked about. if we go over the fiscal cliff, that would certainly be no reason for a downgrade because we would be cutting the deficit and the debt. lori: right. >> but if we kick the can down the road here and don't do anything with a short-term solution, then i think it would be reasonable for the debt, excuse me for --. lori: another downgrade. >> for us to be downgraded, excuse me. lori: let me send it back over to you. there is a line of thinking if we do suffer a second credit downgrade that it could actually have more of ramification than just one downgrade because you do have a handful of credit agencies, right? if you're creditor of the united states and looking at the credit rating and now you have not just one but two, so you have a majority of more negative credit ratings versus pristine credit rating across
CNBC
Dec 26, 2012 4:00pm EST
out of deficit over ten years, isn't that what we really have to do? it seems to me i would really be interested in investing in american equities if i knew the financial situation was under hold >> you say the ends justify the means, no matter how painful? >> it doesn't matter how painful it is and it will be a short shallow recession if we go into it. if we kick the can down the road as so many of you are saying we hope would happen. that's not what should happen for the long-term future of the country. >> you're saying, come on, folks, let's settle. it won't be that big of a deal. right? >> i do disagree with howard a little bit in that i don't think cutting $7.3 trillion, the way this deal says that we should, is the best way to -- to deal with our long-term budget issues. kind of like, you know, you know you have to lose weight so you starve yourself as opposed to some sort of pragmatic balance of, you know, diet and exercise and this deal doesn't get you to the pragmatic part. the flip side, one, cbo projections about future outcomes are based on things being equal and i woul
CNBC
Dec 28, 2012 6:00pm EST
that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of where we stand, now that we've heard from the president and some sort of modest optimism from both leader reid and minority leader mitch mcconnell. >> tyler, we want to go back to eamon javers. >> you just said when will we hear now from the president again? nbc news is tweeting that barack obama will appear as a guest on "meet the press" this weekend. when we will hear from the president again will be sunday morning. something to watch out for over the weekend. presumably, we'll get incremental details on what this deal is. as this is negotiated throughout friday night, into saturday and the president's appearance into sunday morning. >> president obama to appear on
CNN
Dec 29, 2012 1:00am PST
is still available for 2 million people on that lays the groundwork for additional deficit reduction on economic growth steps that we can take in the new year but let's not miss this deadline. >> as for the two senate leaders, they spoke shortly after the meeting on sounded a bit more hopeful than the president. >> i think it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. it's a very serious meeting on it took an extended period of time, as you all know waiting for us. >> mr. president, i would just add -- i share the view of the majority leader, we had a good meeting down at the white house. we are engaged in discussion, the majority leader on myself on the white house >> -- so i'm hopeful. >> the american people are watching what we do here. obviously their patience is already thin. this is deja vu all over again. america wonders why it is that in this town for some reason you can't get stuff done in an organized timetable. why everything always has to wait till the last minute. well, we're now at the last minute and
CNN
Dec 29, 2012 3:00pm PST
it was established. but $90 million is not that much, especially when you consider the federal deficit is $16 trillion and climbing. to retire the debt, every single american would have to pay $50,000. but garcia says you got to start somewhere. especially when washington won't. the partisan bickering has bothered him since 1992, when garcia first wrote his congressman, suggesting a formula to eliminate the debt. the depression-era kid and army vet says he wants to give back to a country that has given him so much, a feeling that is infectious. he knows his money wouldn't avert the fiscal cliff. but that is not the message garcia is sending to congress. >> in order to really solve the $16 trillion national debt, you have to sacrifice. >> reporter: politicians talk about kicking the can down the road. one american that is decided that road has to end. and it might as well be here. kyung lah, cnn, san antonio, texas. >>> you have to love that story. and a lot of us lived this one, the wild ride to election day, 2012. cnn national political correspondent jim acosta has more on the story. >> repo
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